QBI and K-1's

Hello,

I received a K-1 as a passive investor in a real estate investment partnership. The partnership is reporting losses, and I expect that when the real estate is sold, I would have business income. The K-1 currently reports a loss on the investment.

My question is whether this loss is considered QBI and subject to QBI carryovers? I am using TT Desktop and there is a question on entering QBI passive loss. Do I enter anything in here, and if so, is this loss the entire amount, as provided by the Income Statement of the investment, or my portion of the investment loss?

Thanks,

947

Level 15

Mar 24, 2024 8:58:02 PM

the QBI info, if any, would be on line 20Z of the k-1. Turbotax does not use this box but later on asks for the QBI info. Not there? perhaps the preparer messed up or perhaps the venture doesn't qualify - no way to know.

By the way, even if there is a QBI info, when the property is sold the capital gain does not qualify for QBI.

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QBI and K-1's